analytics at work for disaster relief. the gap the potential the ingredients the future

Analytics at WorkFor Disaster Relief

The Gap The Potential The Ingredients The Future

Overview

1.Gujarat Earthquake Jan 2001 Economic loss Rs.23000 crores

Relief Expenditure by State : Rs.1476.08 crores Insurance pay out Rs. 361.19 crores Total Rs. 1837.27 crores           2. Mumbai Floods July 2005 – Economic loss Rs.15000 crores

Relief Expenditure by State Rs. 1524.97 crores Insurance pay out Rs. 2971.18 crore

Total Rs. 4496.15 crores

The Gap

Relief/Indemnit

y

Disaster risk

Financing

ExposuresData

The Potential

Alternate Capital

Traditional Insurance

CapitalRisk Financing RISK

MAERIALISATION PAY OUT DIRECT BENEFIT TRANSFER

The Future

At IIB

“ To help in the efficient and effective functioning of Indian Insurance Sector

by providing information support on a Complete, Consistent and Concise manner,

to the members of the Society and to all other stakeholders associated directly or indirectly with the Insurance sector ”

Mission

IIB is in a unique position by virtue of being the only mandated body with statutory powers for collecting any info

IIB will be market neutral IIB can be ‘authentic’ IIB can be the ‘ one stop source’ IIB can be non judgmental IIB can be predictive

Unique Positioning

Insurance Industry in India- Life and Non Life

IRDA’ s internal Customers Policy Makers – the Government/s Investors Academia, Consultants , Market Research

agencies etc Global Fora like IMF,IIS,IAIS,

Customers

IIB ‘s rationale for existence is its Credibility and as a Utility for Market ‘s Informed Decision

Making process

The One Credible Source

Insurance Transactional information(IIB)

Info with IRDA ‘s Various verticals

Macro & Open Sources of info

Information Source Framework

IIB info

IRDA info

Macro Info

Process

Analytics

IdentifyCustomer

Needs

Build /Update

database

Employ Analytics

Supply Output

Regular/On Demand

Measure Feedback/

Utlity

Long Term and ever

Health Insurance data integration with TPAs, Insurers, Hospitals

National Preferred Provider Hospital Registry Life Business analysis i.r. of penetration,

demography, etc., Travel Insurance Portal for Consular offices

issuing visas Various analytics as demanded by Insurance

companies as well as regulator

Near term Plans ( end FY 2014)

Natural catastrophe Exposure mapping and Modeling for the country

Loss estimation and Final Loss figure publication for Nat cat losses

Reference Rating for Property, Motor, Health lines

Mid Term Plans (by end FY 2016)

Linkage of policy/ claims data with e accounts maintained by Insurance Repositories which in turn may get linked to Aadhaar

Future Plans (by end FY2020)